Farmers and businessmen at the Harvest Money expo will have an opportunity to acquire New Holland tractors with just a deposit of 20% of the total cost of the tractors.
This follows a partnership between The Cooper Motor Corporation (CMC), the official dealers of New Holland tractors and dfcu Bank.
According to Eng. Simon Peter Mugerwa, the Technical and Sales Manager New Holland tractors, the partnership will enable farmers to actualize their plans of owning a tractor with the repayment period being 60 months.
Eng. Mugerwa further explained that the partnership is not only for individual farmers but also agricultural groups as long as they meet the requisite loan requirements.
“The partnership will facilitate farmers to have quick turnaround time on loan applications as well as the comfort of quality equipment on their farms thereby enhancing agricultural mechanization and productivity,” Eng. Mugerwa said.
He noted that the expo, which will be held at Namboole Stadium from February 14- February 16 2020, they will exhibit tractors of different Horse Power and implements.
“I urge farmers and businessmen to come to our stall and get the right information about the New Holland tractors. For those will have the 20% deposit, we shall have dfcu officers on standby to help start the process of the tractor acquisition, “he added.
Ronald Ssonko, the Asset Finance Manager dfcu bank said the partnership will enable farmers access finance in a convenient and timely manner.
“Farmers will have a maximum tenure of 60 months to clear the loan and this will be either quarterly or bi-annual depending on the client’s cash flow cycle,” Ssonko said adding that the loan facility is under the governments Agricultural Credit Facility.
The partnership comes at a backdrop of calls by President Yoweri Museveni to heighten agricultural mechanization. Recently, government through the National Agricultural Advisory Services (NAADS) procured more than 100 New Holland tractors for farmer groups and cooperative unions across the country.
Agriculture Minister, Vincent Bamulangaki Ssempijja said the tractors were purchased to cement efforts aimed at mechanizing agriculture and improving farm productivity.